PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.
MobiKwik secures a new funding round. The Indian payment facilitator has secured about US$29.5 million in funding, with $4.8 million of that from a growth round. This latest funding round values the company at about $414 million, up 31% from its previous round. From TechStory.
Indian PF Razorpay data shows changes in consumer behavior due to the coronavirus outbreak. The company shared data from transactions on its platform between February and March. Online travel bookings fell by 30% and hospitality payments decreased by 12%. Overall spending on the platform increased by 10%, with online grocery shopping growing 9%. Government and utility payments have grown by 30% as a population has heeded advice to stay home. From The Economic Times.
Payment transaction data is telling a different story in China. The Chicago Tribune quotes data from Tencent indicating that payments were down during February and early March as merchants – particularly smaller merchants accepting QR codes – were not operating. More recently, however, transaction volume from QR codes has increased again. “We are seeing a recovery,” the publication quoted Tencent chief strategy officer James Mitchell as saying. From The Chicago Tribune.
Shopify supports small businesses with additional capital. The company is making an additional $200 million available to its merchant customers impacted by the coronavirus outbreak through its Shopify Capital offering. Shopify Capital focuses on small starter loans to eligible merchants. From BetaKit.
Fitness platform ClassPass is helping its studios offer live-streamed workouts. The company is resurrecting a video streaming product it launched in 2018 (and later closed) to enable its studios to meet skyrocketing demand for at-home workouts. All of the revenue from the online classes will go to the studios. From TechCrunch.